A voting procedure in which the winner must defeat each of the other alternatives in head-to-head contests is known as the

Shoe-leather costs of inflation arise from the

A) increasing costs of apparel (clothes and shoes) as inflation rises. B) decline in the use of money as a unit of account. C) increase of velocity as inflation rises. D) confusion that results from higher inflation. E) increasing costs of agricultural products as inflation rises.

If the CPI is 120 in 1996 and 180 in 2002, then between 1996 and 2002, prices have increased by

A) 180%. B) 80%. C) 60%. D) 50%.